London has been voted the number one destination for businesses to locate global teams and innovate despite uncertainty around Brexit, according to new figures published by the City of London Corporation and the City Property Association.
‘Locate, create and innovate: London in a changing world’, was produced through interviews and roundtables with 65 large multinationals, and fast-growing scale-up businesses across financial services, telecoms, law and insurance and top property specialists and firms. The findings show that 37% of more than 450 senior leaders of large companies surveyed in the world’s top central business districts viewed London as the best location for global teams, placing the capital ahead of New York (26%), Paris (20%) and Singapore (17%). With half of the companies surveyed naming collaboration across and within business teams as the most important factor in driving innovation, 94% of respondents scored London positively for this factor - including 54% that described its offer as ‘world leading’. London is also the frontrunner as a global city for innovation that increases revenue, with 35% of respondents rating it top followed by New York (31%) with Singapore (17%) and Paris (15%) lagging behind.
Catherine McGuinness, Policy Chair of the City of London Corporation, said: “With weeks to go until Britain officially leaves the European Union, London’s appeal as a global business hub is more important than ever. This data shows that businesses place a high value on the capital’s innovative cluster of talent and creative energy when it comes to making location decisions. Firms across the board are becoming more and more technologically focussed. In just five years we have seen a 31% increase in London’s information and communications jobs, while international workers make up 40% of London’s highly-skilled tech workforce. As the concentration of financial, professional services and TMT industries blend, it is vital that London continues to be the first to attract top talent. This is a vital factor alongside the City’s business landscape, commercial real estate, and mixed offering of flexible workspace, culture and lively public spaces when it comes to ensuring its continuing appeal to domestic and international investors.”
David Ainsworth, President of the City Property Association, said: “Across all sectors, companies are using data and new technologies to drive growth and productivity. This report shows that the rise of tech is, counter-intuitively, increasing demand for workspace that encourages human interaction. London’s property industry is rising to this challenge. In the City and across Central London the collaborative workplaces of the future are being built, alongside world-class public spaces and exciting cultural and retail experiences. This dynamism ensures that London is a world leader in fostering innovation and attracting global business.”
